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Mortgages and Other Loans Payable (Tables)
3 Months Ended
Mar. 31, 2013
Mortgages and Other Loans Payable  
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at March 31, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands):

 

Property

 

Maturity
Date

 

Interest
Rate(1)

 

March 31,
2013

 

December 31,
2012

 

220 East 42nd Street

 

11/2013

 

5.25

%

$

184,698

 

$

185,906

 

609 Partners, LLC(2)

 

07/2014

 

5.00

%

23

 

23

 

125 Park Avenue

 

10/2014

 

5.75

%

146,250

 

146,250

 

711 Third Avenue

 

06/2015

 

4.99

%

120,000

 

120,000

 

625 Madison Avenue

 

11/2015

 

7.22

%

124,481

 

125,603

 

500 West Putnam

 

01/2016

 

5.52

%

23,930

 

24,060

 

420 Lexington Avenue

 

09/2016

 

7.50

%

184,612

 

184,992

 

Landmark Square

 

12/2016

 

4.00

%

84,097

 

84,486

 

485 Lexington Avenue

 

02/2017

 

5.61

%

450,000

 

450,000

 

120 West 45th Street

 

02/2017

 

6.12

%

170,000

 

170,000

 

300 Main Street

 

02/2017

 

5.75

%

11,500

 

11,500

 

762 Madison Avenue

 

02/2017

 

3.75

%

8,331

 

8,371

 

2 Herald Square

 

04/2017

 

5.36

%

191,250

 

191,250

 

885 Third Avenue

 

07/2017

 

6.26

%

267,650

 

267,650

 

Other loan payable(3)

 

09/2019

 

8.00

%

50,000

 

50,000

 

One Madison Avenue

 

05/2020

 

5.91

%

602,584

 

607,678

 

100 Church

 

07/2022

 

4.68

%

230,000

 

230,000

 

919 Third Avenue(4)

 

06/2023

 

5.12

%

500,000

 

500,000

 

400 East 57th Street

 

02/2024

 

4.13

%

70,000

 

70,000

 

400 East 58th Street

 

02/2024

 

4.13

%

30,000

 

30,000

 

1515 Broadway(5)

 

03/2025

 

3.93

%

900,000

 

 

Total fixed rate debt

 

 

 

 

 

$

4,349,406

 

$

3,457,769

 

Master repurchase(6)

 

09/2013

 

3.21

%

$

174,966

 

$

116,667

 

180 Maiden Lane(7)

 

11/2016

 

2.41

%

269,113

 

271,215

 

248-252 Bedford Avenue

 

03/2018

 

2.46

%

22,000

 

 

1515 Broadway(5)

 

 

 

 

769,813

 

Total floating rate debt

 

 

 

 

 

$

466,079

 

$

1,157,695

 

Total mortgages and other loans payable

 

 

 

 

 

$

4,815,485

 

$

4,615,464

 

 

 

(1)                                 Effective weighted average interest rate for the three months ended March 31, 2013, taking into account interest rate hedges in effect during the period.

(2)                                 As part of an acquisition, the Operating Partnership issued 63.9 million units of our 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of March 31, 2013, 63.8 million Series E units had been redeemed.

(3)                                 This loan is secured by a portion of a preferred equity investment.

(4)                                 We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us.

(5)                                 We have consolidated this investment since we acquired the remaining interest in this joint venture in April 2011. In April 2012, we refinanced the $447.2 million mortgage that was due in December 2014 with a $775.0 million seven-year mortgage, which carried interest at the rate equal to the greater of (a) 285 basis points over 90-day LIBOR or (b) 3.6% per annum. In February 2013, we refinanced the $775.0 million mortgage with a new $900.0 million 12-year mortgage, which carries a rate of interest of 3.93% per annum and realized a net loss on early extinguishment of debt of approximately $18.5 million, including a prepayment penalty of $7.6 million.

(6)                                 In September 2012, we entered into a Master Repurchase Agreement, or MRA, with a financial institution, with a maximum facility capacity of $175.0 million, under which we agreed to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. The MRA’s interest rate is based on 1-month LIBOR plus 300 basis points. The MRA matures in September 2013, and has a one-year extension option.

(7)                                 In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease.